World Bank Group touts renewable energy funding

The group said its financing for renewable energy and energy efficiency projects rose 24 percent in the last fiscal year to $3.3 billion.

The bank during the past five years approved 366 projects in 90 countries. In the past year alone, it approved 99 projects in 48 countries.

The World Bank Group said it passed the financial commitments made at the Bonn International Renewable Energies Conference in 2004 for new energy projects by roughly $1.9 billion during the last four years.

"We've now committed to even more challenging goals on clean energy and carbon intensity reduction investments as we strive to make reliable energy access for all a reality," said Katherine Sierra, vice president for sustainable development at the World Bank.

The bank said that two out of every three dollars spent in private sector development were in the sector of renewable energy or energy efficiency.

Commitments to renewable energy and energy efficiency for the year ending June 30 represented 40 percent of the total energy lending by the bank.